1241 days ago
Prior peaks: 1) Tech bubble, near record prices with low earnings; 2) 2) Post GFC, low prices with depressed earnings. Today we have record prices with depressed earnings - source: Tavi Costa (Crescat Capital)
1241 days ago
Source: Bloomberg
1241 days ago
Looking at the best-performing stocks in the index yesterday, the list is mostly comprised of the stocks that have been extremely beaten down in the COVID economy like energy, travel, and retail/retail real estate names. Despite this, some still find themselves as some of those furthest below their 52-week highs. Take for example Carnival Cruiselines (CCL). The stock was up 35% yesterday, but is still well over 60% below its high for the year. On the other hand, there are 28 stocks that have come within 1% of their 52-week highs at their high prices yesterday. Another 80 stocks have come within 5% of their 52-week highs at their intraday highs - source: Bespoke
1241 days ago
As equities and other risk assets surge, a massive number of S&P 500 stocks are hitting new 52 week highs today. As shown in the chart below, as of midday 27.92% of S&P 500 stocks have reached new 52 week highs today and just one stock, Biogen (BIIB), is reaching a new 52 week low. The net reading of 27.72% is the highest reading for net new highs since January of 2018. Prior to that, you would need to go all the way back to May 22nd of 2013 to find the last time there was such a high reading - Source: Bespoke
1241 days ago
The whole market (hedge funds, retail investors, etc.) were long the same "Momentum" stocks (Tech, "stay at home", etc.). As the Pfizer news came out, a giant rotation took trade as investors start closing their long "momentum" positions and moved into the value and "trash" stocks. As such, the "market neutral momentum" index suffered its worst day on record yesterday – by far. Source: www.zerohedge.com, Bloomberg
